According to Bloomberg, Kuwait Finance House (KFH) reported 4Q2015 net income of KWD40.1 million, 10% higher Y-o-Y, and 8% lower Q-o-Q. The actual net income in 4Q2015 is 15% higher than our estimate of KWD34.8 million and 28% higher than average Bloomberg consensus of KWD31.4 million.   The Board of Directors (BoD) is recommending a cash DPS of KWD0.017 for 2015, up from KWD0.015 in 2014 (and KWD0.013 if we adjust for last year’s stock dividend), ahead of our forecast of KWD0.014. The recommended cash DPS implies a pay-out ratio of 56% in 2015 compared to 51% in 2014. The BoD is also recommending a 10% bonus share for 2015. (Company, Elena Sanchez-Cabezudo)